The Ministry of Electricity and Renewable Energy said the reports, which appeared on some websites and social media platforms, were completely untrue It said in a statement that electricity exports were a result of the country’s huge energy reserves CAIRO: Egypt has denied reports that it is exporting electricity to European countries at a subsidized price, lower than the local price. The Ministry of Electricity and Renewable Energy said the reports, which appeared on some websites and social media platforms, were completely untrue. There is no electrical connection between Egypt and any European country to date. It said in a statement that electricity exports were a result of the country’s huge energy reserves – from gas and renewable sources – that contributed to increasing national income and making Egypt an appealing market for investment in the energy field. Studies for an electrical interconnection project between Egypt, Cyprus and Greece are being completed, which will be conducted through submarine cables of 500 kilovolts. In a DC system, the line capacities will exceed more than 2,000 megawatts. The project will help connect Egypt with Europe’s electrical grid and turn it into an energy center and electricity supplier to the European continent. Ayman Suleiman, CEO of Egypt’s Sovereign Fund, denied reports in Turkish and Qatari media about the country’s intention to export electricity to Europe at a price of 2.5 cents per kilowatt, which is less than the selling price to the Egyptian consumer. In a statement to MBC Egypt, Suleiman said that recent statements regarding the country’s export of its surplus production of electricity were “half-facts.” He added that the price mentioned in those statements referred to the competitive production that Egypt had reached after years of investing in projects to generate electricity from solar energy, such as the Benban project in Aswan.